Under these falsehoods, Client 1 transferred $250,000, Client 2 transferred $300,000 and Client 3 transferred $250,000, the indictment detailed.
To further convince his clients that these were legitimate investments, he’d use some of the money to make token “interest payments” to them ranging between $1,562 and $3,150, using cashier’s checks drawn on his own account that he would then deposit into his clients’ Edward Jones accounts without identifying the source of the funds, the filing said. Eventually Molo stopped making the “interest payments,” and his clients complained to Edward Jones.
According to BrokerCheck, the Financial Industry Regulatory Authority suspended Molo on October 25 from associating with any Finra member firm in all capacities because he did not respond to requests for information. That suspension will become an automatic barring on January 3, 2022.